Back to Back Issues Page
Bookkeeping Basics E-Zine, Issue #005 --, Cover Letters To Impress
May 04, 2009

Bookkeeping Basics EZine

Bookkeeping Basics E-Zine, Issue #005 -- Cover Letters To Impress

Bookkeeping Basics E-Zine brings you valuable bookkeeping tips, income tax advice and the latest additions to one small business owner's experiences with "bookkeeping and tax preparation".

If you like this e-zine, please do a friend and me a big favor and "pay it forward". If a friend did forward this to you and if you like what you read, please subscribe by visiting...

Bookkeeping Basics E-Zine

In this issue...


1) I.R.S Announces Special Tax Break For New Car Purchases


1) Cover Letters: Your First Chance To Impress


1) Find a Job

2) Tax Deduction Lists

3) Free Affiliates Master Course

4) SBI! Mothers Day Special

5) Accounting Definitions

6) SiteSearch

In every issue....

1) Questions and Answers

2) Quote of the Month

3) Contact Me


1) I.R.S. Announces Special Tax Break For New Car Purchases

IR-2009-30, March 30, 2009

WASHINGTON — The Internal Revenue Service announced today that taxpayers who buy a new passenger vehicle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year.

“For those thinking about buying a new car this year, this deduction may give them a little more drive to make their purchase this year,” said IRS Commissioner Doug Shulman. “This deduction enables taxpayers to buy now and get cash back later on their tax returns.”

The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle.

The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers.

IRS also alerted taxpayers that the vehicle must be purchased after Feb. 16, 2009, and before Jan. 1, 2010, to qualify for the deduction.

The special deduction is available regardless of whether a taxpayer itemizes deductions on their return. The IRS reminded taxpayers the deduction may not be taken on 2008 tax returns.


1) Cover Letters: Your First Chance To Impress

Hiring managers routinely receive responses from hundreds, perhaps thousands, of applicants for any given job. To avoid having your resume sink in this sea of paper, it’s imperative to write a cover letter that stands out from the crowd and makes a good first impression.

A compelling cover letter that follows five essential rules will convince a hiring manager to read an applicant’s resume.
Click here to read more about the five essential rules.


1) Find a Job

It looks like the economy is ready for a turnaround and less and less people are losing their jobs. There also seem to be more and more job openings showing up. Here is a great resource full of current job openings for anyone still looking for a job.

2) Tax Deduction Lists

As a bookkeeper or business owner, it's a good idea to have a solid understanding about what kinds of expenses are deductible. The income tax forms and tax deduction lists you find here will help you determine the many different income tax deductions available for you or your clients.

Click here to find out more...

3) Free Affiliates Master Course

The Affiliate Masters Course shows affiliates how to build a traffic-generating theme-based content site. From brainstorming and researching profitable keywords, to building SE-ranked Keyword-Focused Web pages using CTPM, to establishing profitable Pay-Per-Click campaigns, the course provides all the information needed for anyone to build a successful affiliate business.

Affiliate Masters CourseDownload your Free Affiliates Master Course here

4) SBI! Mothers Day Special

Give her something almost as special as she is. Seriously, this would make a really great gift for anyone whose mom has her own business. The Money-Back Satisfaction & Success Guarantee takes all the risk off you and her and puts it on SBI!, where it belongs. Your only risk is not starting SBI! today.
I made back the price of SBI! within 3 months of introducing monetization, while working very part time on the site. You and your mom can do way better than that even. Now make it happen. Make SBI! your home...

Special SiteSell Promotion Take advantage of the SBI! Mothers Day Special

5) Accounting Definitions

There are over 100 accounting definitions and bookkeeping terms in my bookkeeping glossary for your use. Use it as an accounting resource to help improve your bookkeeping knowledge.

Click here and then just pick a letter to go directly to the bookkeeping terms associated with that letter.
Or, use the Search Engine below to search the entire website.

6) SiteSearch

Did you know that you can utilize Bookkeeping SiteSearch to find what you are looking for? Give a try today!

Questions and Answers

Are you having difficulties with Bookkeeping? Here on the Q and A page, you can ask a question about any area of bookkeeping and income taxes. It's free and easy to do.

Here is a recent posting on the Q & A Page:

Category for Estimated/Federal Taxes Paid

by Linda (NC)

For a small business on Schedule C, when Federal and Estimated Taxes are paid during the year, what is the Expense/Category in bookkeeping? Are these payments taken as deductions on Schedule C?

For Sole Proprietors (small business Schedule C), Federal and Estimated Taxes paid during the year should be categorized as an Owner's Draw (which will show on the Balance Sheet) with subcategories for Federal Payments and State Payments.

Example: Owner's Draw: Federal Payments Owner's Draw: State Payments

These payments are not taken as deductions on Schedule C, but should be entered and show up on the Federal and State tax forms as estimated payments made. (For Federal Form 1040, this would be line 63 "2008 estimated tax payments and amount applied from 2007 return").

Click here to ask a question or

Quote Of The Month

"What lies behind us and what lies ahead of us are tiny matters compared to what lies within us."

- Thereau, Emerson, and Holmes

Comments? Ideas? Feedback?

I'd love to hear from you. Just reply to this e-zine and tell me what you think! Or, click here to Contact Me.

See you next month!


Back to Back Issues Page